Russia and Venezuela have outlined ways to boost oil output - Deputy PM Novak

MOSCOW. Oct 16 (Interfax) - Russia and Venezuela have outlined ways to collaborate in the oil sector in order to ramp up volumes of oil production, Russian Deputy Prime Minister Alexander Novak said following the 17th meeting of the two countries' intergovernmental commission.

"Joint projects in the area of oil production are being successfully implemented, and we have outlined ways here for further collaboration and increasing volumes of production," Novak said.

Novak also said that the parties had signed 16 bilateral documents in various sectors; the preparation of an agreement on a strategic partnership and cooperation continues; and the possibility of establishing a Russia-Venezuela Business Council is under consideration.